Saturday 25 November 2017

Idea of banks 'micro-managing' family finance exaggerated, says Burton

Social Protection Minister Joan Burton
Social Protection Minister Joan Burton

Fiach Kelly Political Correspondent

THE idea of banks "micro-managing" every piece of family income for people seeking debt deals with their lenders is "much exaggerated", Social Protection Minister Joan Burton has said.

Ms Burton was responding to reports that working parents seeking debt deals could have to give up their jobs if their income doesn't cover childcare costs.

"I think suggestions of micro-managing every financial element of people's lives and peoples' detailed household budget, personally just from my own experience as an accountant, I suspect that's quite wide of the mark," Ms Burton said in Ashbourne, where she is campaigning in the Meath East by-election.

"People will be asked to make declarations. The notion that banks will seek to micro manage everything, that is much exaggerated.

"The banks will be looking over all at what people are earning but the notion that the banks will be checking how may litres of milk families are buying for their children, neither the banks have the time for that nor families who are at the pin of their collar to deal with their mortgage difficulties."

"Speaking as Minister for Social Protection, it's not in my interests to advocate any system that would grind down people by banks. Banks have done enough damage.

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